- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-08-14T17:44:00
The U.K. Financial Conduct Authority (FCA) fined a Cyprus-based trading company more than 276,000 pounds (U.S. $354,000) for unfair customer treatment and providing unauthorized investment advice.
Forex TB Limited (FXTB), which sold complex leveraged financial products called contract for difference (CFD) to inexperienced investors, was prohibited from providing services in the U.K. in April 2021 and lost all permissions in October 2023, the FCA said in a press release Wednesday.
When FXTB, which also traded as Patron FX, serviced U.K. clients, the firms failed to treat customers fairly, and provided investment advice when they were not authorized to do so, the FCA alleged.
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The U.K.’s Financial Conduct Authority fined Starling Bank, Britain’s first digital bank, nearly 29 million pounds (U.S. $38.5 million) for repeated failures related to onboarding high-risk customers.
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
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The Securities and Exchange Commission charged bankrupt fashion retailer Express with failing to disclose nearly $1 million in perks to a former chief executive, but did not levy a financial penalty thanks to its cooperation, the SEC said.
